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思摩尔国际(06969):HNB加速渗透、英美大力投入,雾化、医疗向好
ZHESHANG SECURITIES· 2025-07-14 04:28
思摩尔国际(06969) 报告日期:2025 年 07 月 14 日 证券研究报告 | 公司点评 | 家居用品 HNB 加速渗透、英美大力投入,雾化&医疗向好 ——思摩尔国际点评报告 投资要点 ❑ 近期催化与核心观点 近期 Glo Hilo 在日本仙台的试销反馈较好,我们认为 HNB 产品体验提升、转化 烟民提速会带动行业加速增长,思摩尔国际绑定英美烟草充分受益,同时雾化& 医疗业务向好。 ❑ Glo Hilo 烟弹涨价彰显产品力信心,英美烟草预期投入较大 此前市场担心思摩尔国际在单支 HNB 烟支上获取的利润不会太高,依据是英美 烟草报表呈现的 HNB 烟支单价较低、毛利空间可能有限。我们认为从两个维度 看,思摩尔有望在烟弹环节获得丰厚回报: 1)Hilo 涨价:本次 Glo Hilo 在日本发售,配套的烟弹 Virto 定价 580 日元/盒 (约 4 美元),而此前 Hyper 配套的烟弹 Lucky Strike 定价仅为 430 日元/盒(约 3 美元),涨幅超过 30%,涨价背后是英美烟草对产品力的信心,同样也给产业 链带来了较大的价值分配空间。根据我们此前外发的 HNB 深度报告,英美烟草 加热 ...
轻工制造行业定期报告:5月个护抖音高增延续,GloHilo日本发售
Huafu Securities· 2025-06-15 14:04
Investment Rating - The report maintains an "Outperform" rating for the industry [5] Core Insights - The report highlights a divergence in performance among e-commerce platforms for personal care products in May, with sanitary napkins on Tmall declining by 18% year-on-year, while Douyin saw a growth of 32% [6] - The report emphasizes the potential recovery in the home furnishing sector due to government policies aimed at boosting consumption, particularly in first-tier cities [6] - The report notes the introduction of new products by companies like Blokus and the launch of the glo Hilo heated tobacco device by British American Tobacco in Japan, indicating innovation and market expansion [6][10] Summary by Sections Home Furnishing - The Ministry of Commerce reported that the "old-for-new" consumption policy has significantly boosted sales, with a total of 1.1 trillion yuan in sales and 175 million subsidies issued by May 31, 2025 [6] - The report suggests that the home furnishing industry is expected to gradually recover as most companies are currently valued at historical lows, recommending leading companies such as Oppein Home, Sophia, and Zhihong Home [6] Paper and Packaging - As of June 13, 2025, the prices for various paper products showed mixed trends, with double glue paper at 5162.5 yuan/ton (unchanged) and corrugated paper at 2543.13 yuan/ton (down 38.12 yuan/ton) [6] - The report recommends companies like Sun Paper and Huawang Technology, which are expected to benefit from improved industry dynamics [6] Light Industry Consumption - The report indicates that personal care e-commerce sales are diverging, with sanitary napkins on Tmall down 18% year-on-year, while Douyin saw a 32% increase [6] - The report highlights the strong performance of domestic brands during the 618 shopping festival, suggesting a favorable outlook for local brands [6] Export Chain - In May, the export value of key light industrial products decreased by 5.4% year-on-year, with ongoing negotiations between China and the US potentially leading to reduced tariffs [6] - The report notes an increase in shipping costs, with the CCFI and SCFI indices rising by 11.2% and 8.1% respectively [6] New Tobacco Products - The glo Hilo device was launched in Japan at a price of approximately $23.44, with a significant improvement in product features compared to previous models [6][10] - The report suggests that the introduction of new heated tobacco products may drive user transition to these innovations [10] Textile and Apparel - The textile and apparel sector showed resilience, with the industry index outperforming the market, indicating a positive trend for brands like HLA and Anta [26][29]